By Living Room Realty, July 21, 2020
I always say that buying and selling a home at the same time is not for the faint of heart. But, it can totally work out for everyone if people are properly prepared and ready to be flexible. Yesterday, I closed a deal that was contingent on so many other homes, and it went about as smoothly as one can hope for! My sellers were 2 separate families who owned a home together. Both families wanted to sell the home with each family purchasing their own replacement property. Three transactions dependent on the first one closing. We priced the home well, got it market ready, and went pending for $30,000 over asking price with multiple offers and rent back. The very next day, both families put in contingent offers for their replacement properties and we were able to negotiate both homes for under asking price (I was really feeling myself on that). To make things even more tricky, the sellers for one of those replacement properties was doing a 1031 exchange contingency for a new home in California. Talk about a domino effect that could really throw everything off. Luckily everyone involved stayed level headed, flexible and focused, because everything else is set to close tomorrow without a glitch!
